The latest Canadian and global market news from The Maple Markets: economy, mining, energy, technology, real estate and policy coverage for investors.
The Bank of Canada announces a policy rate eight times a year. The rate that actually prices Canadian floating debt is CORRA, and it is set by the supply of settlement balances — a number almost nobody watches.
By Élise Galarneau4 min read
A simple, low-cost ETF blueprint for Canadian investors who want broad exposure without picking individual stocks.
By Élise Galarneau1 min readXIC.TOVCN.TOXIU.TOZCN.TOXEF.TOXUU.TO
First Quantum trades on the TSX as FM. Its main active mines are Kansanshi and Sentinel in Zambia and Guelb Moghrein in Mauritania. Cobre Panamá has been under preservation and safe-management arrangements since late 2023, although processing of stockpiled ore was authorized in 2026. Q2 2026 revenue was US$1.52 billion and EBITDA was US$400 million; net debt was approximately US$5.41 billion.
By Daniel Okoye2 min readFM
Enbridge sells itself on contracted, take-or-pay cash flow. That framing is largely accurate — and it is also the reason the stock's real risk sits in the financing stack rather than in commodity prices.
By Marc Belzile4 min readENB
A higher dividend yield can signal a bargain or a trap. Here is how to tell the difference using payout ratio, cash flow, and balance sheet clues.
Lundin Mining trades on the TSX as LUN and in Stockholm as LUMI. Its operating portfolio includes Candelaria and Caserones in Chile and Chapada in Brazil. It owns 50% of Vicuña with BHP, encompassing the Josemaria and Filo del Sol deposits in Argentina and Chile. Q1 2026 revenue was US$1.16 billion and adjusted EBITDA was US$626.7 million. Cash was US$565 million, total debt was approximately US$302 million, and net cash was about US$249 million.
By Daniel Okoye2 min readLUN
Learn how to narrow the TSX universe using a three-step filter: business quality, financial strength, and fair price.
By Hannah Kuan2 min readSHOP.TORY.TOCNR.TOENB.TO
A look at the Canadian technology sector, its flagship companies, and the metrics that matter for long-term investors.
A clear comparison of Royal Bank, TD, Scotiabank, BMO, CIBC and National Bank across the metrics that matter most to investors.
A side-by-side look at Canada's high-interest savings and Treasury Bill ETFs, including what to watch on fees, yield stability, and tax slips.
By Élise Galarneau2 min readCASH.TOCBIL.TOPSA.TOZST.TOHISA.TOBIL.TOHISU.U
Teck’s Class A and Class B shares trade on the TSX as TECK.A and TECK.B, with TECK also listed on the NYSE. Its portfolio includes Quebrada Blanca and Carmen de Andacollo in Chile, Highland Valley Copper in British Columbia, an interest in Antamina in Peru, Red Dog in Alaska, and the Trail metallurgical complex in British Columbia. Q2 2026 revenue was C$3.61 billion and adjusted EBITDA was C$2.19 billion. Teck held C$6.05 billion in cash against C$4.81 billion of debt.
By Marc Belzile2 min readTECK.B
NexGen trades as NXE on both the TSX and NYSE. It owns the Rook I property in Saskatchewan’s Athabasca Basin, including the Arrow uranium deposit. Rook I is a development-stage project with no operating revenue. On March 5, 2026, the Canadian Nuclear Safety Commission approved the project’s environmental assessment and Licence to Prepare Site and Construct. Q1 cash was approximately C$655 million, while reported current liabilities included significant convertible obligations.
By Marc Belzile2 min readNXE
Cameco trades as CCO on the TSX and CCJ on the NYSE. It produces uranium through McArthur River/Key Lake and Cigar Lake in Saskatchewan and holds an interest in Inkai in Kazakhstan. It also operates conversion and fuel-manufacturing businesses and owns 49% of Westinghouse. Q2 2026 adjusted EBITDA was C$391 million; cash and debt were approximately C$1.1 billion and C$1.0 billion, respectively.
By Marc Belzile2 min readCCO
Kinross trades on the TSX as K and on the NYSE as KGC. Its principal producing assets include Tasiast in Mauritania, Paracatu in Brazil, Fort Knox and Manh Choh in Alaska, and Round Mountain and Bald Mountain in Nevada. Its development portfolio includes Great Bear in Ontario, Curlew in Washington and Lobo-Marte in Chile. In Q2 2026, Kinross produced approximately 492,000 gold-equivalent ounces, generated US$2.24 billion in revenue and US$726.8 million in free cash flow, and ended the quarter with US$2.7 billion of cash and US$1.9 billion of net cash.
By Daniel Okoye2 min readK
Agnico Eagle Mines trades on the TSX and NYSE under AEM. It is a senior gold producer with major Canadian operations including Detour Lake, Canadian Malartic, LaRonde, Goldex, Macassa, Meliadine and Meadowbank, supplemented by mines in Finland, Australia and Mexico. Its portfolio is predominantly producing, with large expansion and underground-development opportunities at Detour Lake, Odyssey and Hope Bay. In the second quarter of 2026, Agnico reported approximately US$2.76 billion of EBITDA and US$1.6 billion of net income. Long-term debt was only US$197 million and the company reported net cash of approximately US$3.27 billion. TMX showed a market capitalization near C$103 billion and an average target of approximately C$312.51 from 11 analysts.
By Daniel Okoye2 min readAEM
The retail business is mature. The financial services arm and loyalty data are where the differentiation sits.
By Hannah Kuan4 min readCTC.A
A new operation reaching design throughput on schedule changes the cash-flow profile entirely.
By Daniel Okoye3 min readERO
A simple high-yield screen on the TSX tends to surface companies the market already doubts, not hidden value. This piece explains why yield alone is a poor screen, which metrics — payout ratio against free cash flow, dividend growth history, debt profile — actually matter, and where high yields are structurally legitimate.
By Élise Galarneau3 min read
Stella-Jones sits at the intersection of grid hardening, rail capital cycles and housing activity, but its three segments respond to very different drivers. This piece breaks down why utility poles are the stable core, why railway ties add the cyclicality, and why the residential segment is the wildcard investors should watch separately.
By Hannah Kuan3 min readSJ
Insider buying and selling both happen for reasons unrelated to a view on the share price.
By Hannah Kuan4 min read
Canadian small caps trade at persistently lower multiples than larger peers mostly because of market structure, not weaker businesses: index exclusion limits passive demand, shrinking sell-side economics have hollowed out analyst coverage, and concentrated ownership thins the tradable float. The gap tends to close only through discrete, event-driven catalysts rather than gradually.
By Hannah Kuan3 min read
Interties to the United States turn Québec's hydro surplus into export revenue, when transmission exists.
By Marc Belzile4 min read
Methanex's earnings swing harder than most industrial companies because of high operating leverage and volatile natural gas feedstock costs. This piece explains the mechanics behind that cyclicality and why marine-fuel demand, while structural, is not yet large enough to smooth it out.
By Hannah Kuan3 min readMX
The bought deal is Canada's dominant equity financing structure, and its mechanics predictably pressure the share price around announcement. This explainer covers how discounts and warrants are set, what they signal about issuer leverage, and how to judge whether a deal is worth the dilution.
By Hannah Kuan3 min read
Pembina's fee-based infrastructure network profits from Western Canadian egress constraints rather than commodity prices, a dynamic often compared to owning a toll road. This piece explains why the analogy holds, where it breaks down, and what contract quality actually protects against.
By Marc Belzile4 min readPPL
Open Text has grown by acquiring mature enterprise software with debt, a model that works only if acquired revenue holds up and integration stays on schedule. This piece examines where that strategy strains, and why leverage and cloud migration now matter more than the operating story.
By Priya Sandhu3 min readOTEX
Expanding Detour Lake is cheaper and lower-risk than a new mine, but underground development and rising strip ratios push sustaining capital per ounce higher. The growth headline and the capital cost behind it need to be read together.
By Daniel Okoye4 min readAEM
Canada listed spot bitcoin ETFs years before the United States, but custody, fee structure and hedging vary widely across issuers. This piece walks through what actually differs beneath the ticker, and why registered-account eligibility is a real but non-trivial advantage.
By Priya Sandhu3 min read
Canada's exports remain unusually concentrated in a single destination market, a structural feature that two decades of diversification efforts have barely moved. This piece explains why that concentration is a direct earnings risk for TSX-listed exporters, not just a macro footnote.
By Élise Galarneau3 min read
All-in sustaining cost is the mining industry's standard cost metric, but it is guidance, not an accounting standard, and companies apply it differently. This piece explains what it captures, what it leaves out, and where by-product credits and jurisdictional differences can distort comparisons.
By Daniel Okoye3 min read
Lundin Gold trades at a discount to diversified producers despite owning one of the highest-grade gold mines built this century. This piece unpacks why single-asset concentration and Ecuadorian country risk drive that gap, and what capital allocation choices could eventually close it.
By Daniel Okoye3 min readLUG
A regulated utility earns an allowed return on its rate base. Growth comes from growing the base.
By Marc Belzile3 min readFTS
The Canadian Securities Exchange lists companies that senior exchanges will not, giving early-stage and regulatorily ambiguous sectors access to public capital at the cost of lighter disclosure and diligence standards. That trade-off, not fraud or illegitimacy, is the defining feature investors need to understand before sizing a position.
By Hannah Kuan3 min read
Discount retail benefits when household budgets tighten, which makes it an unusual defensive holding.
By Hannah Kuan3 min readDOL
Cameco's Westinghouse stake turned a cyclical uranium miner into a fuel-cycle business with recurring services revenue. This piece unpacks what integration adds, what it costs in leverage and reporting complexity, and how to read the segments separately.
By Marc Belzile3 min readCCO
Monthly employment changes carry confidence intervals wide enough to swallow most reported moves.
By Élise Galarneau3 min read
Air Canada's margins hinge less on its own cost control than on whether the airline industry as a whole restrains seat growth relative to demand. Fuel hedging and debt reduction shape the near-term picture, but industry capacity discipline drives the cycle.
By Hannah Kuan4 min readAC
Central-bank buying has become a structural rather than opportunistic source of demand.
By Daniel Okoye4 min read
Debt taken at pandemic-era rates matures into a higher-cost market. Interest coverage is the metric to watch.
By Marc Belzile4 min read
Logistics software is dull, sticky and priced accordingly. The switching costs are the moat.
By Priya Sandhu4 min readDSG
The most important Canadian and global market stories, in clear language, before the trading day begins.
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